our forever patch challenge

well, this week sees the new start to my mortgage free plans. After 18 months clearing debts, then paying for our wedding, which took most of our hard earned savings, we are at the beginning again.

Due to restructure at work, OH is on a reduced monthly pay, so the savings are even more of a challenge!
Our plan is over the next two-three years, build up savings , and make over payments, untill we have enough saved to clear the outstanding balance owed on our mortgage, then sell this house, and use the sale proceeds as deposit on our "forever home", we really want somewhere with an acre or so of land, to allow me to have my own horse again, and OH to have garage/workshop he has always wanted.

we both get paid this week, i will open new savings online, and let the challenge to get our new home begin!, we get married on Friday, this will be the start of our married life adventure too, !!
current official end date of mortgage= 2037-aiming for 2030. mortgage balance start of challenge- 25/11/2016 £245,695 mortgage balance 01/01/24 - £137,857.93. 2024 challenge- get mortgage balance to £115,000 by xmas eve 2024, and a years outgoings in premium bonds again
Make £13,968.47 in overpayments in 2024,save £15,000 for water system
«134567126

Comments

  • sammy70
    sammy70 Posts: 957
    First Anniversary Combo Breaker First Post Mortgage-free Glee!
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    just checked, and as of today our mortgage balance stands at £40,902.65.
    Ive just made the first overpayment of my challenge- £55.14!

    Im hoping this diary will keep me motivated, and will be some thing to track my progess to our new life in our forever home.

    Next week after our "honey moon", i plan to organise all our savings pots using online savings, for emergency fund, house savings, and house hold/diy savings.

    I cant wait to get stuck into this new challenge!:j
    current official end date of mortgage= 2037-aiming for 2030. mortgage balance start of challenge- 25/11/2016 £245,695 mortgage balance 01/01/24 - £137,857.93. 2024 challenge- get mortgage balance to £115,000 by xmas eve 2024, and a years outgoings in premium bonds again
    Make £13,968.47 in overpayments in 2024,save £15,000 for water system
  • MallyGirl
    MallyGirl Posts: 6,510
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    What an exciting time :) I hope it all goes well on Friday
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected].
    All views are my own and not the official line of MoneySavingExpert.
  • sammy70
    sammy70 Posts: 957
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    Thanks MallyGirl! :)
    current official end date of mortgage= 2037-aiming for 2030. mortgage balance start of challenge- 25/11/2016 £245,695 mortgage balance 01/01/24 - £137,857.93. 2024 challenge- get mortgage balance to £115,000 by xmas eve 2024, and a years outgoings in premium bonds again
    Make £13,968.47 in overpayments in 2024,save £15,000 for water system
  • good luck for friday
    mortgage 1 33,000. paid nov 2012 :D. mortgage 2 87,000 due 51,686.76 at july 2013, but then:new home and remortgage ... £101065.43:eek: now 74k
  • sammy70
    sammy70 Posts: 957
    First Anniversary Combo Breaker First Post Mortgage-free Glee!
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    Thank you Kirstypark!

    Just doing last minute wedding preparations today, very exciting

    Im hoping to do full S.O.A Tuesday next week, but have no idea how to set up my signature for targets etc, help would be really appreciated..:)
    current official end date of mortgage= 2037-aiming for 2030. mortgage balance start of challenge- 25/11/2016 £245,695 mortgage balance 01/01/24 - £137,857.93. 2024 challenge- get mortgage balance to £115,000 by xmas eve 2024, and a years outgoings in premium bonds again
    Make £13,968.47 in overpayments in 2024,save £15,000 for water system
  • Calfuray
    Calfuray Posts: 1,003
    Uniform Washer
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    Above the title of this thread, there's a banner in green, or the right hand side (as long as you're logged in) there is a 'Quick Links' option, click on that, then about half way down there is 'Edit Signature'.

    HTH!

    Cal
  • sammy70
    sammy70 Posts: 957
    First Anniversary Combo Breaker First Post Mortgage-free Glee!
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    Thank you Calfuray, i will get my signature sorted Tuesday, Along with S.O.A/ list my targets for the next three years.
    Im looking forward to the challenge, and everyone on this forum are such an inspiration, ive followed quite a lot of threads on here for years, so its about time i got stuck in to my own !

    Last minutepreparations/ panics today in preparation for our wedding tommorow, cant wait!! fingers crossed for sunshine..:rotfl:

    xSammyx
    current official end date of mortgage= 2037-aiming for 2030. mortgage balance start of challenge- 25/11/2016 £245,695 mortgage balance 01/01/24 - £137,857.93. 2024 challenge- get mortgage balance to £115,000 by xmas eve 2024, and a years outgoings in premium bonds again
    Make £13,968.47 in overpayments in 2024,save £15,000 for water system
  • Calfuray
    Calfuray Posts: 1,003
    Uniform Washer
    Forumite
    sammy70 wrote: »
    Thank you Calfuray, i will get my signature sorted Tuesday, Along with S.O.A/ list my targets for the next three years.
    Im looking forward to the challenge, and everyone on this forum are such an inspiration, ive followed quite a lot of threads on here for years, so its about time i got stuck in to my own !

    Last minutepreparations/ panics today in preparation for our wedding tommorow, cant wait!! fingers crossed for sunshine..:rotfl:

    xSammyx

    I'm sure you are busy... but how was it? :D Congrats Mrs! :T
  • sammy70
    sammy70 Posts: 957
    First Anniversary Combo Breaker First Post Mortgage-free Glee!
    Forumite
    Im married!

    The day was perfect, everything wehad hoped for..

    We have had a lovely long weekend in a 12th century inn in the middle of the derbyshire moors, four poster bed, lovely deep bubble baths, very romantic!

    X :jsammy X
    current official end date of mortgage= 2037-aiming for 2030. mortgage balance start of challenge- 25/11/2016 £245,695 mortgage balance 01/01/24 - £137,857.93. 2024 challenge- get mortgage balance to £115,000 by xmas eve 2024, and a years outgoings in premium bonds again
    Make £13,968.47 in overpayments in 2024,save £15,000 for water system
  • Tahlullah
    Tahlullah Posts: 1,086 Forumite
    Congratulations to both you and Mr Sammy70!
    Still striving to be mortgage free before I get to a point I can't enjoy it.

    Owed at the end of -
    02/19 - £78,400. 04/19 - £85,000. 05/19 - £83,300. 06/19 - £78,900.
    07/19 - £77,500. 08/19 - £76,000.
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